The percentage of online retail purchases has been growing exponentially in recent years and now, it is at its peak. This percentage emphasizes how technology is changing the way retail business is done. Retailers will flourish only if they commit to transforming themselves whenever it is required. Using technologies such as cloud, big data, and analytics enhances reatilers’ transformation and allows them to leapfrog competitors.
Amid all these technology changes, retailers should still be striving to reach customers’ expectations. Therefore, they should comprehend customers’ preferences, expectations and lifestyles. Customers wish that retailers understood them and provided them with the right product anytime and anywhere, whether it is from a physical store or online.
The increasing use of channels such as e-stores and marketplaces, and social media by retailers is empowering the way customers make purchases.
Omnichannel Analytics Solutions
The internet is an endless information provider. People can get information regarding anything, anytime, and anywhere when they wanted it by accessing the internet either through a mobile device or a desktop computer. Therefore, customers are now fully equipped to get details about products or services and compare aspects such as prices, specifications and availability. Most customers do this though they want to shop in physical stores.
To meet ever evolving customer preferences, retailers should gather, monitor, and analyze a large volume, variety, velocity and veracity of customer data. Analyzing this data generates valuable insights for improving both physical and online sales and retailers can find new opportunities provided by their omnichannel solution.
In the world of omnichannel retailing, customers can navigate from one channel to another without the need to restart the conversation; it means customers can enjoy a great customer experience. Omnichannel retailing blurs the lines between multiple channels, such as e-stores, mobile channels, physical stores and marketplaces, where retailers sell their products or services to customers. Therefore, retailers should know which technologies are really driving omnichannel retailing and invest in them. Technologies such as mobility and big data analytics are now influencing changes in retailers’ strategies and business processes.
Without omnichannel retailing, retailers cannot manage relationships efficiently. Whether it is managing relationships with customers or building trust among their targeted customer base, retailers become inefficient. Therefore, they use Big Data and analytics.
After transforming to omnichannel retailing, retailers no longer prefer faceless transaction for decision making, instead they consider relationships. In simple terms, retailers can predict purchase intent instead of guessing customers’ preferences. Retailers are now better able to communicate with customers in an efficient and more personalized way.
Omnichannel marketing enables retailers to direct multiple marketing channels towards providing a more unified and better customer experience. However, retailers lack the insights to do that.
Omnichannel Retail Solutions
Omnichannel marketing analytics analyzes customer data collected through online, mobile and offline channels to generate insights for providing a better customer experience. With these insights, retailers can design and implement personalized marketing campaigns that enable them to reach their targeted customers at the right time. They can become a more efficient retailer across multiple channels by using the insights that are gained from using analytics.
OmniPrime from Prime Technology Group, LLC offers sophisticated and powerful analytics to help retailers gain the most insight and information about their customers. Prime’s analytics solutions allow retailers to gain real-time business insights, so they can take the guesswork of marketing to their customers and focus on growing revenue and better customer engagement.
Sudhakar Goverdhanam
CEO Prime Technology Group, LLC
Prime Directives 